According to the data recently published by the International Air Transport Association (IATA), there was a 10.7% increase in global passenger demand, measured in revenue passenger kilometers (RPKs), in May 2024, compared to May 2023.
Additionally, total capacity, measured in available seat kilometers (ASK), saw an 8.5% year-on-year increase. The May load factor reached 83.4%, marking a significant improvement of 1.7 percentage points compared to May 2023 and setting a new record high for the month of May.
In May 2024, global demand increased by 14.6% in comparison to May 2023. Capacity saw a 14.1% rise year-on-year, leading to an improved load factor of 82.8% (+0.3ppt from May 2023). Local demand experienced a 4.7% growth from May 2023; capacity increased by 0.1% year-on-year, resulting in a load factor of 84.5% (+3.8ppt from May 2023).
“Strong demand for travel continues with airlines posting a 10.7% year-on-year increase in travel for May. Airlines filled 83.4% of their seats, a record for the month. With May ticket sales for early peak- season travel up nearly 6%, the growth trend shows no signs of abating. Airlines are doing everything they can to ensure smooth journeys for all travelers over the peak northern summer period. But our expectations of air navigation service providers (ANSPs) are already being tested. With 5.2 million minutes of air traffic control delays racked up in Europe even before the peak season begins, it is clear that Europe’s ANSPs have unresolved challenges. And the 32,000 flight delays over the Memorial Day weekend in May show that challenges persist in the US too. Airlines are accountable to their customers; ANSPs must be as well. ANSP performance matters to their airline customers and to millions of travelers. We all need them to do their job efficiently,” said Willie Walsh, IATA’s Director General.
In May 2024, all global regions experienced significant growth in international passenger markets compared to May 2023. The load factor saw an increase across the board, except for North America.
Asia-Pacific airlines continued to demonstrate strong performance, with a 27.0% year-on-year rise in demand. Capacity also increased by 26.0% year-on-year, leading to a load factor of 81.6% (+0.6ppt from May 2023). This solid performance solidifies Asian carriers as the primary driver of industry-wide growth in May, contributing 42% to the year-on-year increase.
European carriers experienced an 11.7% year-on-year growth in demand, with capacity increasing by 11.3% year-on-year. The load factor reached 84.7% (up 0.3ppt from May 2023).
Middle Eastern airlines experienced a 9.7% year-on-year growth in demand, with capacity rising by 9.0% and the load factor reaching 80.7% in comparison to May 2023. Asian routes to the Middle East have shown significant strength, marking a 32% increase from 2019. Additionally, the Europe-Middle East route has seen consecutive April-May RPK growth over the past two years, breaking the historical trend of decline during these months. The impact of the Russia-Ukraine war on these trends will become more apparent in the upcoming months.
Demand for North American carriers rose by 8.1% compared to the previous year. Meanwhile, capacity also increased by 9.7% year-on-year, resulting in a decrease in the load factor to 84.0%, down by 1.2 percentage points from May 2023.
Latin American airlines saw a 15.9% year-on-year increase in demand. Capacity climbed 14.3% year-on-year. The load factor rose to 85.1% (+1.2ppt compared to May 2023), the highest among the regions.
African airlines saw a 14.1% year-on-year increase in demand. Capacity was up 8.2% year- on-year. The load factor rose to 72.3% (+3.7ppt compared to May 2023). This was the fastest increase in load factor among all regions, although Africa still has the lowest load factor overall.
In May 2024, there was also a steady rise in domestic demand in China, which experienced a significant growth rate following the post-Labor Day holidays. Japan, on the other hand, saw a decline of -1.8% in domestic demand, which may be attributed to low business and consumer confidence.
